Osceola County reopens bidding for development site on Lake Toho | GrowthSpotter

By Laura Kinsler | Growthspotter | Feb 17, 2023 at 4:59 pm

Osceola County has reopened bidding for 309 acres of land next to the Valencia College Poinciana Campus and has set a minimum price of $85,000 per acre.

The “Mac Overstreet” property, formerly known as College Station, stretches from Pleasant Hill Road to Lake Tohopekaliga. The acreage abuts two residential subdivisions, the Bellalago boating community to the south and Concorde Estates to the north. It has Employment Center and Institutional future land use and is zoned Institutional.
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Daryl Carter, president of Maury L. Carter & Associates, said the permitted uses will determine the market value of the land. “It sounds like a great piece of property in a great location. But if the county will only consider R&D and offices, that could be very limiting,” he said. If the county will allow apartments with a mix of uses, that would bring more buyers, but the property would need to be rezoned.

Carter also questioned why the county set the bid deadline just 16 days after publication — with no question and answer period or property tour. “I don’t understand what’s the rush,” he said. “I understand the county has some noble goals to generate tax revenue and create jobs. But on the other hand, things need to work in today’s economy. And it has to be profitable for a developer so everybody wins.”

Throughout his more than four decades as a land broker in Central Florida, Trevor Hall has been guided by a simple, elegant criteria when forecasting where development is headed next.

“I was taught a long time ago to follow the road money,” said Hall, an executive vice president for Colliers’ office in Orlando. “That’s where the growth is going to go.”

For Hall and other real estate professionals in the market, following the road money often has meant following the assembly of metro Orlando’s 100-mile highway beltway, which finally was completed in January. ...

Longtime local real estate investor Daryl Carter remembers graduating from the University of Florida in the mid-1980s and watching his classmates head to larger markets like Atlanta.

Since then, Carter has observed as the Orlando market has closed many of the business environment gaps between it and cities like Atlanta — an example of which is having its own ring road to mimic Interstate 285, known as "the Perimeter," which circles Atlanta.

"[Central Florida's] beltway is another big step in the evolution in Orlando being a big-time city," said the president of Maury L. Carter & Associates.

Carter went on to say that part of that evolution stemming from the road is the way its connectivity changes the region's development landscape, driving momentum to perimeter suburbs.

Osceola County reopens bidding for development site on Lake Toho | GrowthSpotter

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